Quote from: chemicalbruva on December 23, 2013, 05:18:26 PM

Desik,
I only read the first 3 pages of this thread so forgive me if im repeating something somebody else already said.
Bitcoin is deflationary not inflationary. It can be denominated into tiny units called satoshis. Google it.
It is similar to gold in that it is hard to produce and is(soon to be) universally accepted store of value. This is where the similarities end. Your historical arguments about various crises are invalid as bitcoin is all about bypassing the global financial system that has been responsible for (more or less) EVERY financial crisis in the 100-120 years. Dont forget that thre Rothschild family dictates the price of gold. Im not sure whether they also control bitcoin.

Deflationary nature of a currency is a big no-no for a modern expanding economy. Bitcoin can't be bypassing the global financial system if it should become a major currency. And you have to clearly distinguish between the economical crises of the later 19th century - first half of the the 20th century and all the subsequent crises...

No one is arguing deflationary nature of bitcoin here, since it is exactly the cause of those pre-fiat era crises (i.e. deflationary nature of a gold backed dollar)